Follow the author of this article

Follow the topics within this article

Corporate raider Sherborne has started to make small gains on its 5pc stake in Barclays - but stands to potentially make more if its founder Edward Bramson secures a seat on the troubled bank’s board.

Sherborne stunned the City by revealing it had built a stake in Barclays worth nearly £2bn last month. The activist investor has previously used its stakes in UK firms including private equity firm Electra to oust executives and pursue drastic overhauls to drive better returns.

In accounts filed in Guernsey, the New York-based fund’s Barclays investment vehicle disclosed Sherborne had made £2m from its stake in the bank as of the end of last year.

Other investors - which include funds Invesco, Columbia Threadeneedle and Aviva - made a combined £6.9m.

Under the company’s founding articles, Sherborne makes 20pc of any returns generated while it is building a stake in its target company, plus any return from its own 3.6pc holding in the vehicle.

However, he would face higher hurdles to securing an executive position at Barclays as the Bank of England has to approve top appointments and could take a dim view of his lack of banking experience.

Sherborne has missed the deadline to put forward a resolution for Barclays’ annual general meeting, which takes place in London on May 1, although it still has time to put an opinion or an amendment to a vote.

As it holds more than 5pc of Barclays shares it could also call for an emergency general meeting at another time.